First two months of sports betting in Kentucky generates millions in tax revenue

FRANKFORT, Ky. (WKYT) - We now know how much money Kentucky has made in tax revenue from sports betting.

“Initial numbers indicate the state brought in nearly $8 million in tax dollars for the first two months of sports wagering,” said Governor Andy Beshear.

Director of Sports Wagering Hans Stokke gave the official report in a Horse Racing Commission meeting Monday morning.

“The total year-to-date sports wagering excise tax collected is $7,940,753,” said Stokke. “Preliminary reporting for November shows this trend continuing as Kentucky patrons wagered more than $260 million, with a peak activity occurring through the Thanksgiving holiday, which generated a $73 million total handle.”

So, where will all that money go?

“Those dollars are staying right here in Kentucky, where they help us build a brighter future for all of our people,” said Governor Beshear.

Specifically, Governor Beshear says the tax revenue will support the oversight of sports wagering, establish a problem gambling fund, and primarily help Kentucky’s pension systems.

“We’re in the heart of the NFL season, getting ready for the playoff push, getting ready for bowl games as well on the college side and ultimately the Super Bowl. This is going to be the peak time where sports betting is going to ramp up,” said Steve Bittenbender, writer and analyst for betkentucky.com.

Bittenbender says sports betting will likely slow down once football ends, but we’ll see those numbers back up in March with the NCAA Tournament. Overall, though, he expects Kentucky sports betting to continue to grow over time.

“What we’ve seen in other states is a gradual uptick. We’ve what we’ve seen in Indiana over time. That’s what we’ve seen in Tennessee. I think as long as, you know, everything stays around the same, then we should expect, you know, those sports betting numbers to go up some, you know, for, you know, for the next few years, as more people get interested and engaged in the sports betting products here in the state,” said Bittenbender.

Detailed monthly sports wagering reports are now available online. You can find a link to those reports by clicking here.